Pier Park $740K over budget
Westminster Pier Park was nearly three quarters of a million dollars over budget, according to a report to city council on Monday.
The park, which officially opened June 16 on the Fraser River waterfront, was expected to cost more than $25 million. The provincial and federal governments both threw in $16.6 million.
The final report shows expenses exceeded the budget by $740,080, which works out to 2.9 per cent, for a total of nearly $25.9 million.
“This is primarily attributed to additional environmental investigation and reporting required to meet recently enacted Ministry of Environment regulations, and the need to install additional mitigation measures,” said city engineer Jim Lowrie in the report. “Project costing is within expected tolerance from original cost estimates which are considered accurate to plus or minus 10 per cent.”
The report says the park could be an catalyst for other private investment in the Downtown area.
Design work on a $1.25 million bicycle/pedestrian overpass that would provide access to the park from Fourth Street has begun with construction expected to start in the fall.